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Tokyo rubber futures fall as Syria worries fester (Aug 30)

TOKYO, Aug 30 (Reuters) – Key TOCOM rubber futures dropped for a third session on Friday as geopolitical tensions in Syria continued to fester.

FUNDAMENTALS

* The key Tokyo Commodity Exchange rubber contract for February delivery was down 0.8 yen, or 0.29 percent, at 271.2 yen as of 0052 GMT, after ending lower on Thursday.

* Worries that conflict in Syria would sap confidence in the global economy persisted, although the British parliament on Thursday rejected a motion supporting military action against President Bashar al-Assad.

* The U.S. economy accelerated sharply in the second quarter thanks to a surge in exports, bolstering the case for the Federal Reserve to wind down a major economic stimulus programme.

* Japan’s core consumer inflation rate accelerated to its highest in nearly five years in July and factory output rebounded smartly, suggesting that government and central bank efforts to end deflation are making some progress.

TOCOM Rubber Futures Prices on Friday, August 30, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Sep 2013

258.8

260.0

261.0

259.6

259.6

+0.8

9

Oct 2013

261.5

261.6

262.5

260.9

261.9

+0.4

15

Nov 2013

263.6

264.0

265.3

262.6

263.6

+0.0

47

Dec 2013

266.3

266.7

268.3

265.4

266.5

+0.2

195

Jan 2014

269.8

270.3

272.0

268.7

270.1

+0.3

2,783

Feb 2014

272.0

272.3

274.1

270.8

272.6

+0.6

3,995

Total

 

7,044

MARKET NEWS

* U.S. crude fell more than $2 a barrel to below $107 on Friday as fears over disruptions to supply from the Middle East eased slightly.

* The dollar greeted the Asian session on Friday at its highest in nearly four weeks against a basket of major currencies, having posted a strong rally thanks to month-end demand and upbeat U.S. economic data. It rose to 98.37 yen from Thursday’s low of 97.45.

* Japan’s Nikkei share average rose for a second day on Friday as the U.S. data propped up Wall Street overnight.

DATA EVENTS

* The following data is expected on Friday: (Time in GMT)

– 0500 Japan Construction orders

– 0600 Germany Retail sales

– 0800 Italy Unemployment rate

– 0900 Euro zone Business climate

– 0900 Euro zone Economic sentiment

– 0900 Euro zone Inflation

– 0900 Euro zone Unemployment rate

– 1200 India Q2 GDP quarterly

– 1230 U.S. Personal income

– 1345 U.S. Chicago PMI

 (Reporting by Yuka Obayashi; Editing by Joseph Radford)

Source: Reuters

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